Included in this issue: BRIBERY AND CORRUPTION: Transparency Internation - report on progress under the OECD Convention for Combating Bribery | BBC - FIFA meets with major sponsors over corruption probes | Swiss law aims to return foreign funds stashed by erstwhile leaders | SEC charges BNY Mellon with FCPA violations | FRAUD: Investment scams spike as fraudsters use City firms' addresses | Police arrest "fake sheikh" money launderers : TAX: UK sets sights on large scale tax dodgers | Singapore bankers rattled by Asian moves to chase undeclared wealth
Bribery and Corruption
Transparency International - report on progress under the OECD Convention on Combating Bribery
The OECD Anti-Bribery Convention, adopted in 1997, requires each signatory country to make foreign bribery a crime for which individuals and enterprises are responsible. Transparency International’s annual progress report presents an independent assessment on the status of enforcement in all of the Parties to the Convention.
The key findings of the report showed that there are 20 countries with Little or No Enforcement and nine countries with only Limited Enforcement. It is understood that about half of the countries who have joined the convention have failed to prosecute any foreign bribery cases since they joined.
BBC - FIFA meets with major sponsors over corruption probes
Fifa has met with some of its leading sponsors after they expressed concern over its corruption-tainted image. United States and Swiss authorities are investigating alleged corruption at football's world governing body.
BBC, 20 August 2015
Swiss law aims to return foreign funds stashed by erstwhile leaders
Switzerland expects to adopt a new law by the end of the year that will speed restitution of illicit funds held in the country.
Reuters, 24 August 2015
SEC Charges BNY Mellon With FCPA Violations
The Securities and Exchange Commission today announced that BNY Mellon has agreed to pay $14.8 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA) by providing valuable student internships to family members of foreign government officials affiliated with a Middle Eastern sovereign wealth fund.
U.S. Securities and Exchange Commission, 18 August 2015
Investment scams spike as fraudsters use City firms' addresses
The number of fraud cases using established financial addresses in the City of London has surged, ringing alarm bells for the City's police force.
Investment Week, 20 August 2015
Police arrest “fake sheikh” money launderers
City of London Police have arrested a man and a woman in Manchester who are believed to be part of a “fake sheikh” scam. They are thought to have laundered at least £110,000 through the business bank accounts of a local hairdressers for an advanced fee fraud involving the cloning of a genuine Sheikh-run Qatari investment fund.
City of London Police, 20 August 2015
UK sets sights on large scale tax dodgers
HMRC is preparing to triple the number of prosecutions of “serious and complex” tax evasion using new powers.
The Financial Times, 20 August 2015
Singapore bankers rattled by Asian moves to chase undeclared wealth
Singapore based wealth managers, already under pressure from a global move towards tax information sharing, face a more immediate threat as Asian countries, including Indonesia and India are looking to chase undeclared money in the low-tax city state. Today, 18 August 2015